Ovitz Suit Settled

Michael Ovitz and billionaire supermarket mogul Ronald Burkle have settled a multimillion-dollar lawsuit involving online business opportunities.

Burkle sued Ovitz in 2005, claiming the CAA co-founder broke a verbal agreement to pool their money on online ventures.

Ovitz countersued, denying a verbal agreement existed and claiming Burkle excluded Ovitz from several other deals.

A federal judge dismissed Burkle’s suit in February.

Ovitz’s suit was scheduled to go to trial August 4. Ovitz attorney Eric George declined to reveal terms of the settlement.